It is possible to change will's executor?

Sunday

Jan 27, 2013 at 12:01 AM

DEAR BRUCE: I am executor of my father's estate, and I live overseas. My father passed away, and the estate has not been probated. I have been attempting to transfer some outstanding shares of stock, approximately $10,000 worth, into my name so they can be sold and split between the siblings. The company holding the shares wants some verifying documents, such as a "gold medallion," which I can't get where I live.

BRUCE WILLIAMS

DEAR BRUCE: I am executor of my father's estate, and I live overseas. My father passed away, and the estate has not been probated. I have been attempting to transfer some outstanding shares of stock, approximately $10,000 worth, into my name so they can be sold and split between the siblings. The company holding the shares wants some verifying documents, such as a "gold medallion," which I can't get where I live.

To alleviate this problem, I want to transfer the executorship of the will to my brother so he can take care of it. What is involved in changing the executors on a will?

Reader, via email

DEAR READER: I don't believe you can transfer the executorship of a will in the way you would like. What you can do is renounce the executorship. Ask the surrogate court in the state where your father lived and where the will was filed to see if such a renouncement could be accomplished. Your brother then can apply to the surrogate court to be the administrator of the estate, with all of the rights and responsibilities that you now have.

It sounds complicated, but you should be able to get this done with reasonable promptness and at little cost.

DEAR BRUCE: Several years ago when our economy tanked, I filed bankruptcy against several credit card companies for approximately $50,000. I had no other option and did so with tremendous regret.

Now I am determined to attempt to reconcile this situation. Although I have no assets to do so, I feel that I must try. Can you advise me on the best way to do this, or would I just be opening up a can of worms?

S.S., via email

DEAR S.S.: I congratulate you for having this moral sense. I understand the pangs of regret, but the reality is that the companies involved have long since written off the bankruptcy discharges.

In my opinion, it would be best to let this dead dog lie. I wouldn't make any effort to contact the companies. Maybe when you get a few extra bucks, you could help out a charity. At least you'd be giving something back, albeit it in a different way.

DEAR BRUCE: Can you please explain what an interest-only mortgage is?

V.S., via email

DEAR V.S.: An interest-only mortgage is a loan on which, for a set term, the borrower pays only the interest due on the principal. The principal balance remains unchanged. Interest-only loans represent a somewhat higher risk for lenders, and therefore they carry a slightly higher interest rate. The reason most people take out interest-only mortgages is that these loans require the smallest monthly payments.

The troublesome thing about this kind of mortgage is that equity does not build unless the house rises in value, which in many markets is not happening these days. Interest-only mortgages tempt people to buy more house than they can afford and gamble on the outcome, meaning they are hoping the house will rise in value, their income will increase, etc.

DEAR BRUCE: I had a judgment against me a few years ago. Today, most of my bills are paid except for a judgment that I can't really pay. How long can it be held against me? What can I do?

Reader, via email

DEAR READER: If the judgment has been renewed according to the laws of the state in which it was granted, it could stay with you until the day you die, with the interest meter continuing to run. Furthermore, one holder could sell it to another, who could sell it to another, with all of them making their best effort to try to collect from you.

Ignoring the judgment almost surely will not make it go away. Sooner or later, someone will pick up on it, renew it and come after you.

Your best shot is to try to negotiate with the current holder of the judgment to see if you can reach some kind of settlement in which you pay less than the amount outstanding.

DEAR BRUCE: My husband and I decided that we were going to build the home of our dreams for our retirement. We hired a builder. During the building process, we noticed several things that we didn't like. We talked to the builder about them, and he assured us that everything would be all right. Well, everything isn't all right, and now problems have arisen as a result.

We spent a lot of money on this house, and we want it to be right. Can we take the builder to court and force him to make these changes?

Sam and Elaine, via email

DEAR SAM AND ELAINE: You can take someone to court for almost any reason. Whether you prevail is another question.

The first thing you should do is get a second opinion from someone who is qualified, such as a private home inspector, to see if your complaints are legitimate. You also should determine how much it would cost to have these problems fixed. In a lawsuit of this type, the plaintiff asks for a dollar amount as a remedy, rather than requiring that the builder do specific work.

If the costs involved in fixing the problems are modest, it might be to your advantage to pay to have the work done and put the matter behind you. If it's a significant amount of money, a small-claim action certainly is warranted.

You should know, however, that even if you receive a judgment, collecting it may prove difficult.

DEAR BRUCE: I have read your column for years. I have some old stocks from the 1930s and would like to know if they have any value. I have tried to look up the companies online, and they are out of business.

W.S., Lexington, Ky.

DEAR W.S.: Since you have access to a computer, you can search out companies that will research old stocks for you. A good place to start is the Securities and Exchange Commission's website (www.sec.gov). It offers suggestions for how to go about tracking down additional information.

Also, the Internet has all kinds of websites where you can go for help, sometimes for a fee. By doing some homework, you should be able to find out if the stocks have any value.

(Send questions to bruce@brucewilliams.com or to Smart Money, P.O. Box 7150, Hudson, FL 34674. Questions of general interest will be answered in future columns. Owing to the volume of mail, personal replies cannot be provided.)

(The Bruce Williams Show can now be heard at www.brucewilliams.com on the Made in America Broadcast Network.)